
by Marcel Jude Joseph
Posted on 17 January 2011 in www.theborneopost.com
In last week’s column, I talked about credit card debt and the AKPK, Malaysia’s debt management system for those in serious financial predicament.
I was taken aback when I got over 600 responses from Sabah and Sarawak by email and SMS from those who were in financial predicaments and were interested in the services of AKPK.
I believe that this is the tip of the iceberg and today’s article is for those who want to know more about how to use the services of AKPK. Instead of a technical explanation, I shall use the testimony of one Mrs Peh Peng (name changed).
My experience with AKPK
I am officially under Malaysia’s AKPK’s debt management programme.
What a relief! No more haunting calls and notices from banks from now on. No more exorbitant late payment charges. Yes, I am under AKPK’s debt management programme, which helps me restructure my credit card debt.
Let me share with you my bumpy journey from getting to know AKPK from the television to being approved to be under the debt management programme.
I first came to know about AKPK (Agensi Kaunseling Dan Pengurusan Kredit or Credit Counselling and Debt Management Agency) in April. AKPK’s advertisement appeared very, very often during that time.
The next day, I went to AKPK’s website to find out more information. The first thing I wanted to know about AKPK was whether it was legitimate or not. AKPK is an agency set up by Bank Negara Malaysia in April 2006 to provide financial counselling and debt management to individuals as well as financial education to help individuals take control of their financial situation and gain the peace of mind that comes from the wise use of credit.
After making sure that AKPK was set up by Bank Negara, I was relieved. I was even more relieved when I knew that it’s FREE. Yes it’s FREE
I didn’t visit the nearest agency at my place during that time because I thought I could still manage my credit card debt and I didn’t have to resort to any debt repayment plan.
When did I decide to apply for the debt management programme? I made up my mind when Bank Negara changed the late payment penalty charge policy. The late payment penalty charge policy was revised to a minimum of RM10 or 1 per cent of total outstanding balance.
I used to pay RM5 or RM10 for my late payment fees. But after the change of BNM policy, I had to pay RM30, RM40 or more for the late payment charges. Bear in mind that I had more than six credit card payments to pay every month and I was always late in paying.
I couldn’t take it any more. I felt suffocated by the accumulating credit card debt caused by the finance charges and late payment fees.
So, in August, I made an appointment with one of the AKPK counsellors at Ipoh branch.
All in all, I dropped by at least three times before I successfully submitted my debt management programme application.
The first time I paid a visit, I didn’t bring my payslips or income statements to prove that I made a certain amount of income every month. I don’t have any payslips because I am working online. I make money from the Internet.
You must have pay slips or income statements or evidence of income.
If you have no payslip or income statement, the counsellor will not give you the application form at all. He will not let you apply if he knows that your application will not be approved.
You have only ONE chance to apply for the debt management programme. Everyone has only ONE chance for this debt management programme. Because of this reason, the debt management counsellor is very strict. He wants to make sure that you have all the necessary documents so that your debt management programme application will be approved.
• You have a positive source of income after meeting your expenses.
• Your total debt does not exceed RM2 million.
• You are not under advanced litigation process.
• You are not a bankrupt.
My first visit to AKPK was not a success because I didn’t bring my payslips or income statements. I am self-employed and I don’t prepare payslips for myself.
Fortunately, the credit counsellor asked me if I had any proof to show that I made money online and I transferred my money to local banks. Yes, I could prove it. I printed out my PayPal statement that showed every PayPal withdrawal I made into my Tune Money Visa debit card. I also requested a hard copy of the transaction statement from Tune Money.
The counsellor was surprised that people could actually make money online. I was relieved that he accepted my online income proof too.
If you have payslip or income statement, your journey will be less bumpy than mine. You must have a positive source of income after meeting your expenses.
In my case, my monthly income is RM3,500. My expenses include RM820 car loan instalment, RM605 home loan instalment, RM800 groceries, RM400 petrol and car maintenance, RM180 bank overdraft interest charge and RM375 miscellaneous spending.
RM3,500 — RM3,180 = RM320
This RM320 is my monthly debt repayment made to AKPK and AKPK is in charge of distributing the money to various banks. In my case, there are six banks. Two banks get RM60 each and four banks get RM50 each every month until I settle the credit card debt.
So, it’s important that you have a positive source of income after deducting your expenses.
For me, I didn’t give up my house and car. You can choose to give up your house and car together with your credit card debt if you really, really can’t make payments for your house and car loan.
The second visit was also not a success because I thought of keeping one credit card for emergency use. I was not told that I must give up all my credit cards during my first visit.
If you are thinking of applying for the debt management programme, you must give up all your existing credit cards.
If your debt repayment plan is approved, you won’t be able to apply for any new credit card or loan for the next few years unless you fully settle your debt. Banks will not approve any new credit card or loan you apply for in future once you are under the AKPK debt management programme.
Who cares? I just want to pay off my credit card debt with one payment to one agency on one date. I don’t mind not being given any new credit card or personal loan in future.
I am grateful that I am under the AKPK debt management programme with God’s help. With only one payment to one agency on one date, I can now sleep well at night and focus on building up my online business slowly.
In brief, the percentage of getting your debt management programme approved is high if:
• You have payslip or income statement or evidence of income;
• You have a positive source of income after meeting your expenses;
• Your total debt does not exceed RM2 million.
• You are not under advanced litigation process; and
• You are not a bankrupt.
Don’t wait any longer. Pick up your phone and call AKPK for an appointment. Get all your questions answered there and submit your debt management programme application. It takes three months to process your application, so start as early as possible.
Let me repeat again, it’s free.
For more news go to my website at lexborneo.com. For comments or enquiries email marceljude@yahoo.com or SMS 012-8030778.
by Marcel Jude Joseph
Posted on 17 January 2011 in www.theborneopost.com
In last week’s column, I talked about credit card debt and the AKPK, Malaysia’s debt management system for those in serious financial predicament.
I was taken aback when I got over 600 responses from Sabah and Sarawak by email and SMS from those who were in financial predicaments and were interested in the services of AKPK.
I believe that this is the tip of the iceberg and today’s article is for those who want to know more about how to use the services of AKPK. Instead of a technical explanation, I shall use the testimony of one Mrs Peh Peng (name changed).
My experience with AKPK
I am officially under Malaysia’s AKPK’s debt management programme.
What a relief! No more haunting calls and notices from banks from now on. No more exorbitant late payment charges. Yes, I am under AKPK’s debt management programme, which helps me restructure my credit card debt.
Let me share with you my bumpy journey from getting to know AKPK from the television to being approved to be under the debt management programme.
I first came to know about AKPK (Agensi Kaunseling Dan Pengurusan Kredit or Credit Counselling and Debt Management Agency) in April. AKPK’s advertisement appeared very, very often during that time.
The next day, I went to AKPK’s website to find out more information. The first thing I wanted to know about AKPK was whether it was legitimate or not. AKPK is an agency set up by Bank Negara Malaysia in April 2006 to provide financial counselling and debt management to individuals as well as financial education to help individuals take control of their financial situation and gain the peace of mind that comes from the wise use of credit.
After making sure that AKPK was set up by Bank Negara, I was relieved. I was even more relieved when I knew that it’s FREE. Yes it’s FREE
I didn’t visit the nearest agency at my place during that time because I thought I could still manage my credit card debt and I didn’t have to resort to any debt repayment plan.
When did I decide to apply for the debt management programme? I made up my mind when Bank Negara changed the late payment penalty charge policy. The late payment penalty charge policy was revised to a minimum of RM10 or 1 per cent of total outstanding balance.
I used to pay RM5 or RM10 for my late payment fees. But after the change of BNM policy, I had to pay RM30, RM40 or more for the late payment charges. Bear in mind that I had more than six credit card payments to pay every month and I was always late in paying.
I couldn’t take it any more. I felt suffocated by the accumulating credit card debt caused by the finance charges and late payment fees.
So, in August, I made an appointment with one of the AKPK counsellors at Ipoh branch.
All in all, I dropped by at least three times before I successfully submitted my debt management programme application.
The first time I paid a visit, I didn’t bring my payslips or income statements to prove that I made a certain amount of income every month. I don’t have any payslips because I am working online. I make money from the Internet.
You must have pay slips or income statements or evidence of income.
If you have no payslip or income statement, the counsellor will not give you the application form at all. He will not let you apply if he knows that your application will not be approved.
You have only ONE chance to apply for the debt management programme. Everyone has only ONE chance for this debt management programme. Because of this reason, the debt management counsellor is very strict. He wants to make sure that you have all the necessary documents so that your debt management programme application will be approved.
• You have a positive source of income after meeting your expenses.
• Your total debt does not exceed RM2 million.
• You are not under advanced litigation process.
• You are not a bankrupt.
My first visit to AKPK was not a success because I didn’t bring my payslips or income statements. I am self-employed and I don’t prepare payslips for myself.
Fortunately, the credit counsellor asked me if I had any proof to show that I made money online and I transferred my money to local banks. Yes, I could prove it. I printed out my PayPal statement that showed every PayPal withdrawal I made into my Tune Money Visa debit card. I also requested a hard copy of the transaction statement from Tune Money.
The counsellor was surprised that people could actually make money online. I was relieved that he accepted my online income proof too.
If you have payslip or income statement, your journey will be less bumpy than mine. You must have a positive source of income after meeting your expenses.
In my case, my monthly income is RM3,500. My expenses include RM820 car loan instalment, RM605 home loan instalment, RM800 groceries, RM400 petrol and car maintenance, RM180 bank overdraft interest charge and RM375 miscellaneous spending.
RM3,500 — RM3,180 = RM320
This RM320 is my monthly debt repayment made to AKPK and AKPK is in charge of distributing the money to various banks. In my case, there are six banks. Two banks get RM60 each and four banks get RM50 each every month until I settle the credit card debt.
So, it’s important that you have a positive source of income after deducting your expenses.
For me, I didn’t give up my house and car. You can choose to give up your house and car together with your credit card debt if you really, really can’t make payments for your house and car loan.
The second visit was also not a success because I thought of keeping one credit card for emergency use. I was not told that I must give up all my credit cards during my first visit.
If you are thinking of applying for the debt management programme, you must give up all your existing credit cards.
If your debt repayment plan is approved, you won’t be able to apply for any new credit card or loan for the next few years unless you fully settle your debt. Banks will not approve any new credit card or loan you apply for in future once you are under the AKPK debt management programme.
Who cares? I just want to pay off my credit card debt with one payment to one agency on one date. I don’t mind not being given any new credit card or personal loan in future.
I am grateful that I am under the AKPK debt management programme with God’s help. With only one payment to one agency on one date, I can now sleep well at night and focus on building up my online business slowly.
In brief, the percentage of getting your debt management programme approved is high if:
• You have payslip or income statement or evidence of income;
• You have a positive source of income after meeting your expenses;
• Your total debt does not exceed RM2 million.
• You are not under advanced litigation process; and
• You are not a bankrupt.
Don’t wait any longer. Pick up your phone and call AKPK for an appointment. Get all your questions answered there and submit your debt management programme application. It takes three months to process your application, so start as early as possible.
Let me repeat again, it’s free.
For more news go to my website at lexborneo.com. For comments or enquiries email marceljude@yahoo.com or SMS 012-8030778.
Sep 13, 2011 | financialmanagement
by Marcel Jude Joseph
Posted on 17 January 2011 in www.theborneopost.com
In last week’s column, I talked about credit card debt and the AKPK, Malaysia’s debt management system for those in serious financial predicament.
I was taken aback when I got over 600 responses from Sabah and Sarawak by email and SMS from those who were in financial predicaments and were interested in the services of AKPK.
I believe that this is the tip of the iceberg and today’s article is for those who want to know more about how to use the services of AKPK. Instead of a technical explanation, I shall use the testimony of one Mrs Peh Peng (name changed).
My experience with AKPK
I am officially under Malaysia’s AKPK’s debt management programme.
What a relief! No more haunting calls and notices from banks from now on. No more exorbitant late payment charges. Yes, I am under AKPK’s debt management programme, which helps me restructure my credit card debt.
Let me share with you my bumpy journey from getting to know AKPK from the television to being approved to be under the debt management programme.
I first came to know about AKPK (Agensi Kaunseling Dan Pengurusan Kredit or Credit Counselling and Debt Management Agency) in April. AKPK’s advertisement appeared very, very often during that time.
The next day, I went to AKPK’s website to find out more information. The first thing I wanted to know about AKPK was whether it was legitimate or not. AKPK is an agency set up by Bank Negara Malaysia in April 2006 to provide financial counselling and debt management to individuals as well as financial education to help individuals take control of their financial situation and gain the peace of mind that comes from the wise use of credit.
After making sure that AKPK was set up by Bank Negara, I was relieved. I was even more relieved when I knew that it’s FREE. Yes it’s FREE
I didn’t visit the nearest agency at my place during that time because I thought I could still manage my credit card debt and I didn’t have to resort to any debt repayment plan.
When did I decide to apply for the debt management programme? I made up my mind when Bank Negara changed the late payment penalty charge policy. The late payment penalty charge policy was revised to a minimum of RM10 or 1 per cent of total outstanding balance.
I used to pay RM5 or RM10 for my late payment fees. But after the change of BNM policy, I had to pay RM30, RM40 or more for the late payment charges. Bear in mind that I had more than six credit card payments to pay every month and I was always late in paying.
I couldn’t take it any more. I felt suffocated by the accumulating credit card debt caused by the finance charges and late payment fees.
So, in August, I made an appointment with one of the AKPK counsellors at Ipoh branch.
All in all, I dropped by at least three times before I successfully submitted my debt management programme application.
The first time I paid a visit, I didn’t bring my payslips or income statements to prove that I made a certain amount of income every month. I don’t have any payslips because I am working online. I make money from the Internet.
You must have pay slips or income statements or evidence of income.
If you have no payslip or income statement, the counsellor will not give you the application form at all. He will not let you apply if he knows that your application will not be approved.
You have only ONE chance to apply for the debt management programme. Everyone has only ONE chance for this debt management programme. Because of this reason, the debt management counsellor is very strict. He wants to make sure that you have all the necessary documents so that your debt management programme application will be approved.
• You have a positive source of income after meeting your expenses.
• Your total debt does not exceed RM2 million.
• You are not under advanced litigation process.
• You are not a bankrupt.
My first visit to AKPK was not a success because I didn’t bring my payslips or income statements. I am self-employed and I don’t prepare payslips for myself.
Fortunately, the credit counsellor asked me if I had any proof to show that I made money online and I transferred my money to local banks. Yes, I could prove it. I printed out my PayPal statement that showed every PayPal withdrawal I made into my Tune Money Visa debit card. I also requested a hard copy of the transaction statement from Tune Money.
The counsellor was surprised that people could actually make money online. I was relieved that he accepted my online income proof too.
If you have payslip or income statement, your journey will be less bumpy than mine. You must have a positive source of income after meeting your expenses.
In my case, my monthly income is RM3,500. My expenses include RM820 car loan instalment, RM605 home loan instalment, RM800 groceries, RM400 petrol and car maintenance, RM180 bank overdraft interest charge and RM375 miscellaneous spending.
RM3,500 — RM3,180 = RM320
This RM320 is my monthly debt repayment made to AKPK and AKPK is in charge of distributing the money to various banks. In my case, there are six banks. Two banks get RM60 each and four banks get RM50 each every month until I settle the credit card debt.
So, it’s important that you have a positive source of income after deducting your expenses.
For me, I didn’t give up my house and car. You can choose to give up your house and car together with your credit card debt if you really, really can’t make payments for your house and car loan.
The second visit was also not a success because I thought of keeping one credit card for emergency use. I was not told that I must give up all my credit cards during my first visit.
If you are thinking of applying for the debt management programme, you must give up all your existing credit cards.
If your debt repayment plan is approved, you won’t be able to apply for any new credit card or loan for the next few years unless you fully settle your debt. Banks will not approve any new credit card or loan you apply for in future once you are under the AKPK debt management programme.
Who cares? I just want to pay off my credit card debt with one payment to one agency on one date. I don’t mind not being given any new credit card or personal loan in future.
I am grateful that I am under the AKPK debt management programme with God’s help. With only one payment to one agency on one date, I can now sleep well at night and focus on building up my online business slowly.
In brief, the percentage of getting your debt management programme approved is high if:
• You have payslip or income statement or evidence of income;
• You have a positive source of income after meeting your expenses;
• Your total debt does not exceed RM2 million.
• You are not under advanced litigation process; and
• You are not a bankrupt.
Don’t wait any longer. Pick up your phone and call AKPK for an appointment. Get all your questions answered there and submit your debt management programme application. It takes three months to process your application, so start as early as possible.
Let me repeat again, it’s free.
For more news go to my website at lexborneo.com. For comments or enquiries email marceljude@yahoo.com or SMS 012-8030778.

Posted on The Star, 24 September 2011
PETALING JAYA: The Credit Counselling and Debt Management Agency (AKPK) will be holding a financial planning programme on how to make the right financial decisions.
“Participants can expect to gain knowledge on avoiding the stress and hardship that come with unmanageable debts,” the agency’s corporate communications head Devinder Singh said.
He added that the Pengurusan Wang Ringgit Anda or “Power!” programme was specially designed for young individuals and new borrowers.
Cash flow management, the basics of loaning, usage of credit card, buying properties such as a house and managing debts are among the topics to be covered.
For more information on dates and to register, call 1800 88 2575.
Posted on The Star, 24 September 2011
PETALING JAYA: The Credit Counselling and Debt Management Agency (AKPK) will be holding a financial planning programme on how to make the right financial decisions.
“Participants can expect to gain knowledge on avoiding the stress and hardship that come with unmanageable debts,” the agency’s corporate communications head Devinder Singh said.
He added that the Pengurusan Wang Ringgit Anda or “Power!” programme was specially designed for young individuals and new borrowers.
Cash flow management, the basics of loaning, usage of credit card, buying properties such as a house and managing debts are among the topics to be covered.
For more information on dates and to register, call 1800 88 2575.
Sep 26, 2011 | financialmanagement
Posted on The Star, 24 September 2011
PETALING JAYA: The Credit Counselling and Debt Management Agency (AKPK) will be holding a financial planning programme on how to make the right financial decisions.
“Participants can expect to gain knowledge on avoiding the stress and hardship that come with unmanageable debts,” the agency’s corporate communications head Devinder Singh said.
He added that the Pengurusan Wang Ringgit Anda or “Power!” programme was specially designed for young individuals and new borrowers.
Cash flow management, the basics of loaning, usage of credit card, buying properties such as a house and managing debts are among the topics to be covered.
For more information on dates and to register, call 1800 88 2575.

Posted in The Star, 24 September 2011
By RAHIMY RAHIM
rahimyr@thestar.com.my
PETALING JAYA: A large number of those mired in credit card debts are unable to free themselves because banks keep enticing them with more credit.
Cardholders are alleging that if banks detect a trend of them making regular monthly payments, they would be lured with more credit offers.
Some say they are offered pre-approved cash loans for various amounts over the telephone, while others receive cheques for RM10,000 to RM15,000 in the post.
“I was surprised to see a cheque for RM10,000 in my name. The letter stated that I could cash it any time I wanted.
“Although I was tempted, I tore it up because I did not want to take on more debt,” said a cardholder, who only wanted to be known as John.
He said he had a RM15,000 debt and had been making fixed payments monthly.
Another cardholder who has a RM12,000 debt said he kept on receiving cash offers from the bank “although I am trying to pay them off”.
“My objective is to pay off the debt and cut up the card. But what the bank is trying to do is to make sure that I do not do that,” he claimed.
Fomca chief executive officer Datuk Paul Selvaraj said aggressive strategies of banks and credit card companies had contributed to the debt problem.
“Even at a very young age, consumers are enticed with various packages to sign up for a credit card. This needs to be controlled,” he told The Star.
He said consumers must take charge of managing their credit card payments irrespective of the tactics employed by banks.
Selvaraj also said banks should write agreements which were easy to understand.
“Consumers must be aware of the agreements, especially the terms on late payment and interest charges. We have met with Bank Negara to create a standardised format for credit agreements using plain and customer-friendly English. This will allow consumers to choose the best credit card deals,” he said.
Call centre trainer Faizol Ahmad, 33, said he was involved with a company project which involved a lot of travelling.
“I was lured into accepting more credit as the offers were too good,” he said, admitting that he ended up in a financial mess.
Association of Banks in Malaysia executive director Chuah Mei Lin defended the banks, saying there was no “set-up” involved.
“We strongly deny that banks are setting any traps. This sort of allegation gives us a bad name,” she said.
She added that there were very strict rules and regulations by Bank Negara.
“Our licences can be revoked if we do not follow the rules,” she said.
Posted in The Star, 24 September 2011
By RAHIMY RAHIM
rahimyr@thestar.com.my
PETALING JAYA: A large number of those mired in credit card debts are unable to free themselves because banks keep enticing them with more credit.
Cardholders are alleging that if banks detect a trend of them making regular monthly payments, they would be lured with more credit offers.
Some say they are offered pre-approved cash loans for various amounts over the telephone, while others receive cheques for RM10,000 to RM15,000 in the post.
“I was surprised to see a cheque for RM10,000 in my name. The letter stated that I could cash it any time I wanted.
“Although I was tempted, I tore it up because I did not want to take on more debt,” said a cardholder, who only wanted to be known as John.
He said he had a RM15,000 debt and had been making fixed payments monthly.
Another cardholder who has a RM12,000 debt said he kept on receiving cash offers from the bank “although I am trying to pay them off”.
“My objective is to pay off the debt and cut up the card. But what the bank is trying to do is to make sure that I do not do that,” he claimed.
Fomca chief executive officer Datuk Paul Selvaraj said aggressive strategies of banks and credit card companies had contributed to the debt problem.
“Even at a very young age, consumers are enticed with various packages to sign up for a credit card. This needs to be controlled,” he told The Star.
He said consumers must take charge of managing their credit card payments irrespective of the tactics employed by banks.
Selvaraj also said banks should write agreements which were easy to understand.
“Consumers must be aware of the agreements, especially the terms on late payment and interest charges. We have met with Bank Negara to create a standardised format for credit agreements using plain and customer-friendly English. This will allow consumers to choose the best credit card deals,” he said.
Call centre trainer Faizol Ahmad, 33, said he was involved with a company project which involved a lot of travelling.
“I was lured into accepting more credit as the offers were too good,” he said, admitting that he ended up in a financial mess.
Association of Banks in Malaysia executive director Chuah Mei Lin defended the banks, saying there was no “set-up” involved.
“We strongly deny that banks are setting any traps. This sort of allegation gives us a bad name,” she said.
She added that there were very strict rules and regulations by Bank Negara.
“Our licences can be revoked if we do not follow the rules,” she said.
Sep 26, 2011 | financialmanagement
Posted in The Star, 24 September 2011
By RAHIMY RAHIM
rahimyr@thestar.com.my
PETALING JAYA: A large number of those mired in credit card debts are unable to free themselves because banks keep enticing them with more credit.
Cardholders are alleging that if banks detect a trend of them making regular monthly payments, they would be lured with more credit offers.
Some say they are offered pre-approved cash loans for various amounts over the telephone, while others receive cheques for RM10,000 to RM15,000 in the post.
“I was surprised to see a cheque for RM10,000 in my name. The letter stated that I could cash it any time I wanted.
“Although I was tempted, I tore it up because I did not want to take on more debt,” said a cardholder, who only wanted to be known as John.
He said he had a RM15,000 debt and had been making fixed payments monthly.
Another cardholder who has a RM12,000 debt said he kept on receiving cash offers from the bank “although I am trying to pay them off”.
“My objective is to pay off the debt and cut up the card. But what the bank is trying to do is to make sure that I do not do that,” he claimed.
Fomca chief executive officer Datuk Paul Selvaraj said aggressive strategies of banks and credit card companies had contributed to the debt problem.
“Even at a very young age, consumers are enticed with various packages to sign up for a credit card. This needs to be controlled,” he told The Star.
He said consumers must take charge of managing their credit card payments irrespective of the tactics employed by banks.
Selvaraj also said banks should write agreements which were easy to understand.
“Consumers must be aware of the agreements, especially the terms on late payment and interest charges. We have met with Bank Negara to create a standardised format for credit agreements using plain and customer-friendly English. This will allow consumers to choose the best credit card deals,” he said.
Call centre trainer Faizol Ahmad, 33, said he was involved with a company project which involved a lot of travelling.
“I was lured into accepting more credit as the offers were too good,” he said, admitting that he ended up in a financial mess.
Association of Banks in Malaysia executive director Chuah Mei Lin defended the banks, saying there was no “set-up” involved.
“We strongly deny that banks are setting any traps. This sort of allegation gives us a bad name,” she said.
She added that there were very strict rules and regulations by Bank Negara.
“Our licences can be revoked if we do not follow the rules,” she said.

Posted on The Star, 26 September
By LEE YEN MUN
yenmun@thestar.com.my
PETALING JAYA: Married people appear to be more cash-strapped than those who are single, as they make up 76.8% of those who seek help to overcome their debts.
Data obtained from the Credit Counselling and Debt Management Agency also revealed that most of its financially-troubled clients were males (67.6%) and whose annual income was below RM36,000 (69.6%).
A majority of those who received financial counselling with the agency were from the cities, namely Kuala Lumpur, Penang and Johor Baru accounting for 75.4% of such cases.
A total of 160,365 individuals have sought counselling from the agency since its inception in April 2006.
“Those enrolled in our programme (were tied) to a combination of mortgage, hire-purchase and credit card commitments.
“A smaller majority (8.8%) sought our help purely on credit card debts,” agency head of corporate communications Devinder Singh said.
The agency, a wholly-owned subsidiary of Bank Negara, was set up to provide financial counselling and debt management to individuals.
Devinder was responding to a report in The Star on Thursday which highlighted poor spending habits among Malaysians. Apparently, an average of 41 people are declared bankrupt every day due to credit card debts.
The report was part of the “Protect Our Pockets” roundtable discussion.
According to the data from the agency, debt-ridden individuals admitted that they had poor financial planning skills (25%) and lost control over the use of their credit cards (14%), leading to their plight.
Another reason was high medical expenses (26%).
Posted on The Star, 26 September
By LEE YEN MUN
yenmun@thestar.com.my
PETALING JAYA: Married people appear to be more cash-strapped than those who are single, as they make up 76.8% of those who seek help to overcome their debts.
Data obtained from the Credit Counselling and Debt Management Agency also revealed that most of its financially-troubled clients were males (67.6%) and whose annual income was below RM36,000 (69.6%).
A majority of those who received financial counselling with the agency were from the cities, namely Kuala Lumpur, Penang and Johor Baru accounting for 75.4% of such cases.
A total of 160,365 individuals have sought counselling from the agency since its inception in April 2006.
“Those enrolled in our programme (were tied) to a combination of mortgage, hire-purchase and credit card commitments.
“A smaller majority (8.8%) sought our help purely on credit card debts,” agency head of corporate communications Devinder Singh said.
The agency, a wholly-owned subsidiary of Bank Negara, was set up to provide financial counselling and debt management to individuals.
Devinder was responding to a report in The Star on Thursday which highlighted poor spending habits among Malaysians. Apparently, an average of 41 people are declared bankrupt every day due to credit card debts.
The report was part of the “Protect Our Pockets” roundtable discussion.
According to the data from the agency, debt-ridden individuals admitted that they had poor financial planning skills (25%) and lost control over the use of their credit cards (14%), leading to their plight.
Another reason was high medical expenses (26%).
Sep 26, 2011 | financialmanagement
Posted on The Star, 26 September
By LEE YEN MUN
yenmun@thestar.com.my
PETALING JAYA: Married people appear to be more cash-strapped than those who are single, as they make up 76.8% of those who seek help to overcome their debts.
Data obtained from the Credit Counselling and Debt Management Agency also revealed that most of its financially-troubled clients were males (67.6%) and whose annual income was below RM36,000 (69.6%).
A majority of those who received financial counselling with the agency were from the cities, namely Kuala Lumpur, Penang and Johor Baru accounting for 75.4% of such cases.
A total of 160,365 individuals have sought counselling from the agency since its inception in April 2006.
“Those enrolled in our programme (were tied) to a combination of mortgage, hire-purchase and credit card commitments.
“A smaller majority (8.8%) sought our help purely on credit card debts,” agency head of corporate communications Devinder Singh said.
The agency, a wholly-owned subsidiary of Bank Negara, was set up to provide financial counselling and debt management to individuals.
Devinder was responding to a report in The Star on Thursday which highlighted poor spending habits among Malaysians. Apparently, an average of 41 people are declared bankrupt every day due to credit card debts.
The report was part of the “Protect Our Pockets” roundtable discussion.
According to the data from the agency, debt-ridden individuals admitted that they had poor financial planning skills (25%) and lost control over the use of their credit cards (14%), leading to their plight.
Another reason was high medical expenses (26%).
Arkib
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